News that EMI has cut up to 2,000 of its 5,500 staff worldwide as part of an overhaul of the company marks the latest chapter in a turbulent few months for the record label.

Coldplay are reportedly considering their future with EMI

In August last year, private equity group Terra Firma bought the firm for £3.2bn after a dramatic decline in sales - in May the company announced it had made a £260m loss for 2006/2007.

Its share of the British album market also dropped from 16% to 9% last year.

Like all labels, EMI - one of the world's big four - has been hit by the boom in digital downloads. Disappointing sales for a number of recent high-profile album releases have added to the company's woes.

Upon the announcement of the takeover, the company's shares immediately climbed 3.8%.

But it was not long before some of EMI's major artists began to question the ability of a private equity group to handle their musical output.

McCartney departure

Following the deal, rock band Radiohead walked out of EMI, with the band's Thom Yorke later saying music was being "devalued" by the involvement of a private equity firm treating bands "as simply part of their stock".